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Press Release: Star Bank to Acquire Community Development Bank

Press Release Hancock


MAPLE LAKE - Star Bank is pleased to announce the acquisition of Community Development Bank in Hancock, Minnesota. The acquisition is set to be completed in late March 2024. This acquisition will fit nicely within Star Bank’s existing branch footprint. With $380 million in assets, Star Bank currently serves its vast Central Minnesota customer base with offices in Big Stone, Grant, Todd, Traverse, Wadena, Hennepin, and Wright counties.

Star Bank was originally chartered in 1904 as The First National Bank of Bertha, Minnesota. Following its purchase by Harry Wahlquist in 1990, Star Bank is now a family-owned independent community bank that offers a full suite of financial solutions to individuals and businesses in rural and urban Minnesota, in many instances where the mega banks refuse to operate. As “The Bank That Cares®”, Star Bank’s mission is to anticipate and meet the financial needs of its customers across Minnesota by providing caring and personalized financial services that are consistent with its core values.

Star Bank CEO & Founder, Harry Wahlquist, says, “We are excited about this opportunity to expand our service into Hancock. Star Bank already operates nearby offices in Graceville, Wheaton, Barrett, and Elbow Lake, and we have a good familiarity and appreciation of the Hancock community. I anticipate a smooth transition and hope for a positive reaction within the local area.”

Today, Star Bank has $380 million in assets under management and operates 10 office locations. For more information about Star Bank, please access

Star Bank is represented by the Fredrikson law firm. Community Development Bank’s legal counsel is Winthrop & Weinstine, P.A.